"It's Starting To Feel Like 2021 Again": Several Striking Observations From Goldman's Derivatives Desk

By Goldman derivatives guru Brian Garrett

In markets, history rarely repeats itself, but it can rhyme. I am hesitant to use the words “its starting to feel like 2021 again,” but when it comes to option activity we are seeing in the markets, 2023 is certainly starting to rhyme with 2021 

Consensus trades: long anything AI, low nets, long European equities (though this trade fading), short small caps (wrote about this last week), long Japan, underweight old economy (J Currie continues to defend this space), and short 3-6m vol (systematic)